We note with interest that a bill has been introduced in the U.S. House of Representatives that would merge the Securities and Exchange Commission (SEC), which oversees and regulates equity markets, and the Commodity Futures Trading Commission (CFTC), which oversees and regulates derivative markets, into a single regulatory agency covering both equity and derivative responsibilities. The bill was introduced on 29 November by Representative Barney Frank (D-Massachusetts), he of Dodd-Frank fame, and Representative Michael Capuano (D-Massachusetts). Representative Frank is the ranking member of the House Financial Services Committee, and Representative Capuano is the ranking member of its Subcommittee on Oversight and Investigation. It is Re...